Key Points
NEW DELHI: Airlines have slashed fares up to 8% in the run-up to Diwali, seeking to fill seats as they have not found enough takers for the tickets which they had priced higher in the hope of cashing in on the festive rush..
Domestic carriers have announced multiple sales in the past few days, after having priced tickets higher anticipating stronger demand this year amid a supply crunch due to the bankruptcy of Go First and grounding of aircraft due to Pratt & Whitney engine issues...
"This is probably one of the rare years when there have been three sales in the festive season quarter, showing that airlines read the demand completely wrong," said a SpiceJet executive, who did not wish to be identified...
Data from the civil aviation ministry shows average occupancy of airlines has stayed below 85%, against airlines' expectation of 90% load in the peak season, while industry executives said there has been a 10-15% drop in yield compared to last year's festive season..
Ameya Joshi, founder of aviation blog Network Thoughts, said his research shows that for the first seven days of November, traffic decreased 3.5% over the previous month while airlines added 1.2% departing flights during this period..
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